Meet the team: Richard Collins
The team at AqualisBraemar LOC shares the passion, vision and values for working in energy and the world’s oceans, de-risking and driving the energy transition. We are driven by the idea that the best work is born from professionalism, diligence… and fun. You know AqualisBraemar LOC, but do you know our team?
Richard Collins, Loss Adjusting Director | ABL Canada
What do you do at AqualisBraemar LOC?
I am a Director in AqualisBraemar LOC’s (ABL) Calgary Loss Adjusting team, which entails the investigation and adjustment of claims in the energy sector.
Our team is involved in a wide-spectrum of claims across Canada, ranging from relatively low-value high-frequency losses (e.g. contractor’s equipment, theft, property fires) to large-value, technically complex claims (e.g. E&P, pipelines, refining, power generation). While the extraction of Canadian energy typically takes place onshore, I also work with Canadian energy companies regarding their interests in the construction and operation of offshore assets elsewhere in the world.
Loss adjusting is multifaceted and reflects the various stages of a claim. From the notification of a loss and our instruction, I am at the insurers’ disposal to travel to site, conduct surveys and investigate new losses. I interact with risk managers, engineers and technical experts in determining cause, establishing liabilities and evaluating the potential cost associated with any claim. As the insured limits the impact on their business, remediates and repairs damaged property, I work to substantiate their claim, while liaising with insurers to adjust costs in-line with the terms of the Policy; the combination of my engineering and insurance education has helped me tremendously with these responsibilities.
While my work product is the technical reports we issue to insurers, my deliverable is the transparent and timely resolution of claims.
What excites you the most about our industry?
Energy claims are fortuities, so getting the call/email with a new instruction is the most exciting part of the job. A normal day in the office can quickly turn to investigating the circumstances of a new incident, making travel arrangements, grabbing PPE and heading for the airport. For the insured, all incidents are undesired, so helping them through the claims process is key.
I am also excited about the future of our industry. The global demand for energy is rising, meanwhile we are undergoing an energy transition; this changing landscape will also face newly emerging threats such as cyber, pandemics and more frequent natural catastrophes. From its origins in marine insurance, the energy insurance sector emerged to meet the demands of its clients, and I am certain it will continue to adapt. Energy companies have been purchasing insurance for decades, but it is only when there is a claim that these contracts are tested; I am therefore excited to be a part of the industry as we help our clients navigate these future claims.
What made you join ABL?
Like most, I didn’t grow up dreaming of working in insurance! After graduating with a Masters in Aeronautical Engineering and having worked briefly in that industry, I was looking for a different opportunity that had variety and new challenges everyday. After a personal introduction to Braemar in 2013, I discovered the world of energy loss adjusting, what I now consider to be the insurance sector’s best kept secret!
Since that time, ABL has provided me with amazing opportunities, putting me at the forefront of claims handling, management and negotiations. Variety has come from short-notice travel to remote locations, exposure to different types of losses/claims, and working in diverse teams (incl. lawyers, forensic accountants, engineers, metallurgists and other subject matter experts). No two claims are the same, so every file keeps me on my toes and provides a new learning experience.
What do you do when you are not working?
After relocating to Calgary in 2016, I now live a stone’s throw (1hr drive) from the Rocky Mountains. While the winters can be very cold, we have amazing ski resorts and back-country terrain on our doorstep, so my weekends are spent racking up as many ski days as possible. I’m a stickler for planning, so in my spare time you’ll find me checking snow forecasts, avalanche bulletins and poring over maps. In the summer, I spend a lot of time outdoors: running, mountain biking, paddle boarding on the Bow River (which runs right through downtown Calgary), hiking or backcountry camping in the nearby National Parks. If I’m not in the mountains, I’ll be enjoying an IPA, or working on the never ending list of renovations on the 1912 house my wife and I bought last year!